Sponsored by:
Dear Hannah, The 2016 National MAP
Survey launched this week! The survey is the profession’s premier benchmarking study, which allows firms to see where they stand in
relation to their peers. Firms and sole practitioners across the country rely on these results to help predict future growth, determine succession
plans and compare their progress against firms of similar sizes and locations. The survey is conducted every two years, and we receive both national
and by-state results. See the 2014 report for Massachusetts
here.
The accuracy of these results
depends on how many firms participate, so I encourage you to take the survey. Click here to learn more.
Also this week, the Department of Labor (DOL) issued its long-awaited Final Rule updating
the white collar exemptions to the FLSA overtime requirements. Under the new Rule, the salary level for exempt will increase to
$47,476 and the new salary level for highly compensated employees will be $134,004. Employers will have until
December 1, 2016 to comply. For more information, click here.
Have a great weekend!
Amy A. Pitter
President & CEO
NETWORKING EVENTS & UPDATES
FEATURED EVENT - Best Practices in Recruiting and
Retaining a Diverse Workforce (6/17)
Firms with a diverse staff are more
competitive, attract a broader range of clients and are 35% more likely to have financial returns above the national
average. Join firm leaders for an interactive discussion moderated by Rich Caturano, former MSCPA Chairman and the National Leader on
Diversity and Inclusion for the AICPA, and featuring a stellar line-up of D&I experts. Get practical advice on how to achieve a diverse
workforce and create an inclusive office culture that attracts – and retains – high performers.
2016 Educator of the Year - Mary Joan Potvin, CPA
Congratulations to Mary Joan
“MJ” Pelletier Potvin, CPA of Suffolk University who was recently selected as the 2016 Outstanding Educator
of the Year! The award recognizes MJ’s excellence in teaching and motivating students, her contribution to the accounting profession and active
participation in the Society and her efforts in serving as a liaison between the classroom and the business world. Potvin will be recognized at the
Believers and Achievers awards ceremony and reception on May 14 at the Granite Links Golf Club in Quincy.
Sip & Socialize: A Networking Event for CPAs and Lawyers (6/9)
Join us at VIA Italian Table in Worcester for networking, cocktails and food! Make new business
connections as you mingle with CPAs and lawyers in a relaxed setting.
Women in Great Places: An Evening of Networking in Law and Finance (6/15)
Join
the MSCPA and the Women's Bar Association for an evening of cross-industry networking at PwC in Boston. This is an excellent opportunity to meet other
women professionals, build your network and develop referral sources.
UPCOMING CONFERENCES:
Accounting & Auditing Conference (6/10)
Keep on top of the issues! Get the latest on the AICPA's audit and attest standards, SSARS No. 21., financial
statement disclosures, engagement letters, FASB and much more!
Design Your Own Conference! Coming to Longmeadow
(6/22)
This fully tailored conference allows you to "make your own mix."
This conference is packed with a variety of sessions, so pick the ones that matter to you! Want information on ethics? We got it. How about taxes? Got
that too. Accounting and auditing? Check and check. We even have sessions on employment law, cyber security, estate planning and nonprofits.
NEWS & RESOURCES
MSCPA in the News Accountants are in High Demand (CommonWealth
Magazine)
MSCPA President and CEO Amy Pitter writes about why
the accounting profession deserves a place among STEM occupations.
WRHS Students Attend CPA Career Conference (The Landmark)
An overview of the MSCPA's recent conference for high school students at UMass Amherst.
New Managers Find Balancing Job Duties as Biggest Challenge,
Survey Finds
Succession Issues Affect Retention of Women CPAs
DOR Tax Amnesty: 5/31 Deadline Looms
LEGISLATIVE UPDATE: ADVOCACY ALERT: MA Legislature Gives Initial Approval of Millionaire’s Tax
This week, the Massachusetts Legislature voted 135-57 in favor of a constitutional amendment to impose a 4% surtax on income over
$1 million. This vote is one step in a lengthy process to put the measure before voters in the fall of 2018.
April Revenues Fall, But Why?
Please provide your input on client trends, as a representative sample of all Massachusetts taxpayers. This information will be critical
in allowing state officials to better understand the current deficit and to project revenues moving forward.
MA Senate Readies for Budget Debate
The Massachusetts Senate will debate their version of the FY 17 state budget next week. The $39.49 billion budget includes an outside
section that would create an audit unit within the Inspector General’s office to review tax expenditures. Although the language tried to ensure
that taxpayer information will be protected, the MSCPA is opposed to the measure to ensure confidence in the voluntary tax system is maintained.
Editor's Note: Robert Alkon, CPA, after 35 years at the helm, has handed over the managing
partner reins at Alkon & Levine, P.C. to Kathleen Walsh Heraghty, CPA. The MSCPA regrets the error that appeared
in the May issue of SumNews.
| 
